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tv   Bloomberg West  Bloomberg  June 30, 2016 6:00pm-7:01pm EDT

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u.s. military. >> our mission is to serve this country and we don't want barriers on related to a person's qualification to serve preventing us from recruiting or retaining a soldier, sailor, airman or marine who can best accomplish the mission. mark: the house armed services commission mac thornberry accused the obama administration for prioritizing politics over policy. turkey has made more than a dozen with connection with this week's deadly triple suicide bombing at instant bowls airport. -- istanbul's airports. senators have written to secretary john kerry expressing concerns about a political crisis in bahrain. speaker paul ryan says the house will act next week on a terrorism package that he is a provision to prevent suspected
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terrorists from buying guns. global news 24 hours a day, powered by more than 2600 journalists and analysts in more i am markountries. crumpton. this is bloomberg. "bloomberg west" is next. ♪ cory: i'm cory johnson, in for emily chang. this is "bloomberg west." aftertors investing tela a feature causes a fatal crash. first kim kardashian, now gordon ramsay. mobileret to celebrity games defense. in san francisco the red-hot real estate market may be cooling. deflating rents in what was the
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hottest real estate market in the country. tesla shares dropping on the news that a model s was involved in a fatal crash. the highway safety administration opening a preliminary investigation after a tesla apparently led to a fatal collision may 7, 2015. for more on this, let's bring in tim higgins from washington. what happened? tim: tesla saying a tractor-trailer was crossing a divide highway and when it was perpendicular, the tesla hit it. one of the key things tesla is saying is the white trailer up against a bright sky and the car as autopilot did not see it, and the driver did not see it. it's been one of the areas of this technology that there has been something such as snow that this technology has a hard time seeing. it's not surprising that perhaps a white background was not picked up. cory: not as advertised for this. some of the features were rolled on initially in tesla's
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autopilot and then the company pulled back, as i understand it is inwe know where this the relationship of tesla technology as it has been on the road? tim: tesla brought back some technology after videos are showed up on the internet, people doing silly things and questioned the safety. the driver is supposed to keep their hands on the wheel and be able to take control if something goes awry and there is a system that is essentially supposed to slow the car down if the driver is not paying attention. issues is about the development of driverless cars. is not anology driverless car technology. if we were looking at a scale of 0 to 4, this is probably a 2 with 4 being autonomous. some features such as keeping the car in a lane, being able to take your feet off the pedal and hands off the wheel, it would go forward and slow down if something came in its way.
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tesla has made a point of trying to say their vehicles can handle the situations. initially there were reports -- sans article in "the new york times" about a driver who could not keep a good charge in cold weather. this suggests this is not an all-purpose vehicle. reporter: this technology, this idea of using sensors and cameras to control the car looking out into the future, there have been issues with other technology regarding snow and rain and lighting situations, and the human eye has a remarkable ability to see things and it's trying to train the computer to see it as well. they are still kind of developing some of that. updates can-- happen after you bought the car, the software can be changed after the car is already in the field. does this suggest that maybe this was not ready for prime time? tim: this technology was rolled
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out last year. in january they made some changes, limiting some of the ability of this kind of going forward we saw a earlier this year. they have the ability to change the software, much like your cell phone or iphone will update. bet this will probably watched for closely is the conversation about autonomous cars. there has been concern about having a fatality and what that would mean to the development of this technology. valentine's day this year, the google car got into a fender bender with a city bus in california. that got a lot of attention and concern about what would happen on that day when somebody dies in an autonomous vehicle, and what it setback this kind of development. cory: finally, my conversation he told me the thing with elon musk's is he takes risks the rest of us would not take.
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the venture capitalist cited the autopilot thing, putting this out here to see how it works in the market. this approaches risk-taking in a different frame. >> yeah, it's not something atypical automaker would make. beenal motors has developing this technology for years and they are reluctant to put it out there. they tested on tracks and that's the way they've been rolling it out. they talked about having something similar to this out sooner, and still hasn't brought it out yet. tesla definitely on the leading edge of rolling this out, whereas others have in slow. cory: tesla shares down. a company which also contributes a lot of technology that goes behind this and other driverless cars, stock tanking in after-hours trading. we are going to keep looking at mobile eye and tesla and this story, and we are grateful to have you help us do that. micron announcing a
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restructuring plan along with quarterly earnings. the memory chip company will be cutting jobs. wn 2.9 billion dollars, 25% lower than last year. i am bringing bloombergs ian king. --s quarter for micron micron has always been a bellwether for the industry. tell us what's happening in pc's. is it still a pc story? ian: it's no secret the pc market is on a multiple year down slope. i just listened to a conference call for an hour where all they got were questions about what are you doing to get better at production, what are you doing to improve your costs between -- because there's a gap between them and their competition right now. some ahere is always logical provider who would just pummel the market with production, flood the market with chips. micron would suffer, even
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if they were accurately predicting demand, somebody else could crush the market -- they have acquired competitors to keep that from happening. so what happened? they have acquired competitors, but not enough. their plan was to hoover of everybody, consolidate everything and make it rational. that works fine unless you are ronics market for elect which is multiple times larger than you which can spend whatever it feels like. there is another company out there which micron filed to get. years ago, they failed to get them. it is doing better than micron right now. that is there a suggestion they are flooding the market to hurt micron? ian: samsung basically accelerates production to make it more difficult -- i don't know if it's the case, but there's a gap in people's minds between the alegria production
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samsung has, it's cost -- is there a sense that they have a handle on the problem? ian: this is the issue. they were talking about how quickly they are going to improve. they also basically admitted that they missed the boat on one particular technology transition. you pick your poison. cory: which transition you are talking about here? ian: 3-d nine flash. it is in your phone and basically acts like a hard disk use do in a computer, transition to 3-d non flash, more advanced production more capable of storing more bits. cory: more capacity or more different? ian: there are production limits to what were happening, so they've had to move to this so-called 3-d non flash
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technology. cory: how does it work? reporter: it's about how many electrons you can trap, cory, as you know. flat production, where you are making it fit on it that service. now we are moving upstairs. cory: ian king, thank you. coming up, the creator of the kim kardashian hit mobile game is not ian king, but it someone else. they call him the fairy godmother of celebrity games. plus, the red-hot san francisco real estate market might be cooling off. a slowdown right here in san francisco. ♪
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cory: amazingly, many britons had no idea what brexit was. ? according toturn wikipedia, the cofounder, searches surged over the past week. union,gs like european things about the referendum, the page describing the referendum, all of the politicians who became more famous as a result of what is going on, all of those, big traffic. people wanted the background right cory: according to wales, page traffic was up by a factor of 10 following the vote.
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behind the hit kim kardashian hollywood game is out with its latest celebrity partnership moving from the fire of hollywood to the frying pan of the kitchen, gordon ramsay's dash. wilbur ramses game be able to re-create successfully? mobile --ith the glu having had this success, knowing it's more than about picking a celebrity, what is it? primed to be the culinary, hospitality, and restaurant category killer. gordon is the most recognized chef in the world. he's done 10 tv shows, has a huge social always for a chef, and he's a disciplined worker. we discovered over the last year -- he's been really on
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this game from the start. we have been working with him for 18 months. we know the game monetizes, it's a good fit for his audience. he's been all over the details of this. we are optimistic. like the michelin star version, it's our version for gordon ramsay. ultimately, we know he's going to be behind this 100%. it could be maybe the biggest hit of the year for glu. cory: there is certainly a food category when it comes to games. what if the demographic of those games? niccolo: typically they are more female. one of the things we are bullish on for gordon's game, he pulls in men and women of all ages. he's cool for the younger demographic, he's been around for 20 years. serious foodies know he is a serious chef. people looking for a bit more entertainment know he can deliver that as well. it's white broad, -- quite broad
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, and food is one of the fastest growing sports on tv, general zeitgeist. we might be spot on for catching that fire in the game as well. cory: when you pick celebrities for your game -- surly you get -- surely you get approached by many of them. what are the key characteristics of a celebrity you think will do well in a game? niccolo: kim had just celebrated her anniversary. there can be really big numbers here. cory: $158 million in revenue for kim kardashian hollywood? niccolo: for the game, not her. though she has a royalty off of that. the power of what can be achieved if you get this wonderful residence between -- resonance between audience, game, marketing partnership, etc. we look for three things, size of social falling. for gordon it is 12 million.
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kim was 40 million, we started talking to her three years later, when hundred 60 million. we were really good for her brand. i think our game would be really good for gordon's brand. ultimately, willing this to work with us on the ingredients it takes to make the game release -- oh, really authentic -- cory: all the ingredients? niccolo: all the ingredients. he's got the ingredients in exactly the right order. if you get that three things together, social plus monetization of the game plus authenticity, you can produce an outside hit. thehink celebrities raise floor on a title performance. they also raise the ceiling. revenue prediction is an imperfect science in the game space. gordon,xcited about because he can pull in three demographics. the court gordon fan base, all the restaurant/culinary gamers, and the men who would
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not normally play restaurant, culinary, or food games. cory: because? niccolo: because they necessarily see it something -- see it as sometimes something not as masculine as a shooting or racing game. hasorically, diner dash tended to be 70%, 80% female. these are skill-based games. this will require some dexterity. sessions, a requires more attention and focus. it brings in a different kind of gamer. cory: what's next? about this, ift you are not just looking at a celebrity and writing around it. you are looking at a category. niccolo: we are. we are trying to find a category with a proven game mechanic and a celebrity to fit that we have used celebrities as marketing partners, brand and marketing partners.
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if you don't build a great game, you won't get a hit. our next one down the pipe is probably nicki minaj, actually. that's a completely different bucket of r&b, rap, etc. oft successful female rapper all time, maybe most successful rapper of all time. cory: come on. best female, maybe. i can't wait until you bring nicki here. niccolo de masi, ceo of glu mobile, good to see you. hel gates and how he thinks can wipe out some diseases afflicting the poor. ♪
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cory: breaking news, apple said to be in talks to buy jay-z's title. an interesting thing going on there. title has been an exclusive --
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title as exclusive -- tidal has exclusive relationships with -- exclusive musical relationships with jay-z and beyonce. focus on pharma, going deep in the global business of pharma and biotech, a range of stories and analysis across every one of those platform. bill gates has made it his mission to use modern medicine to wipe out diseases around the world. he sat down with eric schatz or in boston to talk about discussing vaccines. >> vaccines have still been the tool that say the most lives. inventing new vaccines for hiv, malaria, tb, a number of these diseases that are still out literally killing millions of people, that's a top priority for us. erik: and other areas like gene
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therapies, or gene editing, how much promise to you think they have relative to the perhaps easier work that can be done in vaccine development? editing is such a basic tool and it's going to pervade all the work in the biological sciences. diagnosis, even for doing gene knockouts to understand disease models, you really can't understate what a great set of tools they are. where our foundation season, we see them in our plant and animal work because it will speed up help on animalnd disease. this is a superior system to affect mosquito populations that are carrying the virus.
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,or something like hiv/aids it's possible although there's a lot of hurdles that you do gene editing to cure somebody from the disease, which that would be fantastic and siu don't have it. i see it in so many of the different foundation programs. erik: many of the most advanced remedies are awfully expensive to develop, and the companies behind them are incentivized to generate the maximum profit possible. i'm thinking of things like valeant and touring, but also the cost of pepsi treatments and therapy -- hep c treatments and therapy. what in your mind is the best way to control costs so these medicines and treatments are not just available for the rich and well insured? i think the current system, despite some extreme
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properlyt i think have been labeled as inappropriate, i think the current system is better than most other systems one can imagine. curing hepatitis c, this is a phenomenal ring. now you have multiple drug companies competing in terms of a quality and the price of that offering. the drug companies are turning out miracles, and we need their r&d budgets to stay strong. they need to see the opportunity. for things like alzheimer's, they can reduce medical costs so dramatically and improve the human condition. and the pharmaceutical companies have been great partners of our foundation. when we need help in doing science, they are unique in what they can do. also, they are very good about tiered pricing. example,ke hep c as an
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and all the responsible to the poorhey countries had an approach that wasn't towards them making money, just driving access. tiered pricing is often the way you can square the idea of being able to fund new miracles. you really want both. gates, thewas bill cochair of the bill and melinda gates foundation with bloombergs erik schatzker. for full coverage of pharma, visit farm ago on the bloomberg -- pharma go on the bloomberg terminal of bloomberg.com at bloomberg.com/pharma. ♪
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mark: i am mark crumpton. carney says the bank of england will probably have to ease policy in the near future to counter the fallout from last week's brexit vote. >> and now seems plausible that
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uncertainly could remain elevated for some time, with a greater drive on activity than we had previously projected. moreover, its effects will likely be reinforced by tighter financial conditions and possible negative spillovers to growth in the u.k. and its major trading partners. centralrney said the bank will not hesitate to act if necessary. the navy says the u.s. crew members detained by iran after straying into its waters in january were quote, derelict in performing their duties. investigators cite weak leadership, poor judgment, and a lack of toughness. six officers and three sailors have been disciplined or face disciplinary action. cleveland believes officers will wear body cameras on their riot gear during the republican national convention. the arizona company taser international is loaning 300 mounting units to the city before the convention big lens -- begins july 18.
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with the x weeks away, soup kitchens and rio are closing because the state has failed to pay suppliers serving meals to the poor. suppliers owed seven and a half million dollars and has not been paid for more than a year. i am mark crumpton, this is bloomberg. paul, good morning. paul: good morning, mark. let's check in on the new zealand first, up and running for 30 minutes on friday. it's fractionally up, after another strong lead from wall street. here in australia we are set for our third consecutive day of haynes -- gaines. way for data in japan, we are expecting large manufacturing and nonmanufacturing index. also the unemployment rate for may expected to hold steady at 3.2%. take a look at the cpi, that is expected to fall again, down to -.5 of 1%.
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in china, manufacturing and nonmanufacturing pmi is out. it is expected to show a slight contraction to 50. it will be a big weekend in australia. go to the polls in 24 hours time. currently show support between the government and opposition is evenly split. the prime minister is warning australians against casting votes for smaller parties as the risk of a hung parliament could impact on the economy. i'm paul allen from bloomberg tv in sydney, australia. ♪ ♪ office landlords are bracing for a cooling of san francisco's uber hot commercial
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real estate market. the vacancy rate jumped 7.3% in the second quarter, the biggest increase in vacancy since the start of 2009. good to see you. nice pocket square. this is really interesting to me. 1999-like surge in real estate the last 2 or 3 years. we have early reports of companies subletting space. you and i talked about it on bloomberg radio. this seems to be a trend. >> it's a little bit of a trend, we feel it's a correction. we don't feel like it is a tech bubble bursting at all. this market can sustain that heat forever. we have been through that now for about five years. it's about time for a correction, in all honesty. cory: five longer's, being longer -- five years, longer than the dot com bubble. robert: it is much broader
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this time, any case. we saw adjusted for inflation, rents as high as $96 a square foot on average for office space in san francisco. cory: i look at my window and see cranes every direction. there's a lot of residential construction. but there are a handful of commercial buildings going up, most notably the salesforce building. and there is a building right across the street that will have a few condos. new inventory is coming on the market and what effect is that having? had 3.8 million square feet under construction right now. that 3.8 million square feet under construction is 25% pre-leased. 75% of the space coming on
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has yet to be leased. robert: that's true, essentially from the end of this year through 2018. we have a wide bandwidth for this space to roll onto the market rate we have 3.5 million square feet of tenants in the market right now. 11 of those are looking for 100,000 square feet or greater. the top 4 of those tenants, this would be pure expansion if they come into san francisco, a couple of them are coming in from outside of san francisco. life sciences and tech, big surprise. life science downtown is a bit of a surprise. robert: they have been in mission bay for some part of it and down at the peninsula. we've seen most of that activity for them there. this is a tenant coming from outside of san francisco looking for space in the city. cory: what is happening in terms of price? robert: pricing has flattened out a bit. it's up 9.3% year over year,
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which is still pretty dramatic. cory: it is still of 9%? -- up 9%? robert: you have tenants and landlords who are slow to adjust to the changing market. it's a quarter or two kind -- behind when adjustments start to happen. we've had some less expensive space lease, and some higher-priced space, to the market. that change the dynamics a bit. cory: robert sammons, thank you very much. it's a secretive startup started by some at googlers, -- e x-googlers, the nea, and mark cuban. artificial intelligence, trying to reindex the web and surface sales lead. cuban, asking him, why invest in node. >> node is changing the whole
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sales rate of process, the wholesale data stack. in the past we worried about management,r communicating with customers. we left out 80% of the data. there were so many networks and extended data that wasn't being captured to change that whole thing and make it a full sail stack. >> you are taking this notion of the web, how it works now, which is go look for the thing that you know what it is you are looking for, and instead doing what? we are going out and distilling all the information on the web and making it personalized based on what is relevant to them. in the case of sales and marketing, what is relevant to them understanding what is their total market, who are the people and companies they should sell to for the next 5 years. we surface that information to our customers and help them on executing on that strategy.
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>> is an infinite amount of data out there. the challenge is how do you sort the signal through the noise. it brings the signal to you and extracts the noise. cory: it turns it inside out. >> we explain our results are why a particular company is relevant to a customer. all the way down to what is the message the sales rep should say. cory: it seems like this is the ultimate solution to the big data problem. mark: certainly not going to slow down, and the data formats, so being able to communicate effectively and knowing as much as you can about your target, identifying new targets -- machine learning, deep learning, ai, whatever you want to call it, that is what node is going to do. coming up, apple is said to be in talks to acquire jay-z's tidal music service,
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according to "the wall street journal." ♪
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cory: care.com, shares soaring 38%. google capital equity fund on by alphabet has taken a stake in care and makes it now the company's largest shareholder. google capital's first investment in a public company. babysitters,ces senior care, and house sitters. google says it's unlikely to change european operations after britain's vote to leave the eu. chairman eric schmidt says the region must avoid a wrecking barriers that would hurt digital companies and entrepreneurs.
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spanish police searched google's offices in madrid, part of an intensifying tax probe across europe, claiming the internet giant does not pay as much tax as it should. google just released new diversity networks for the first time since 201 women4, -- 201 30% of google employees. -- 47% of google employees. stock we are watching, jerusalem-based mobile eye does some of the software's possible for -- we mention the problem the tesla had, investigation after the death of a driver. bmwnews comes weeks after unveiled the driverless concept car. correspondentt
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has more from tel aviv. bmwobileye teaming up with does not come as a huge surprise. been a customer before of mobileye. i think it's with high up with intel that is the most interesting from mobileye's perspective. intel is the world's biggest chipmaker and rules the roost when it comes to service of pcs and laptops. it has been a bit of a laggard when it comes to in car technology. it is the tech that moves into cars that is becoming an increasingly important selling point for auto manufacturers. a tie up with mobileye and b&w is attractive. this is a real validation of this technology, not just for the world's leading luxury carmaker is developing driverless cars, but the world's biggest chipmaker is on board to
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you only have to look at mobileye's stock price to see it's been a bit of a roller coaster since the ipo and it does have its fair share of the tractive's. -- detractives. citron says its high margins will eventually come down when the competition heats up. though this seems to be the first public announcement of a relationship with intel or mobileye, when of the cofounders of the company, the computer vision genius behind its tech, he has another startup called all cam. it helps visually impaired and blind people see what's around them by basically telling them what they otherwise would see if their eyesight was ok. on ofcapital, the venture intel, is an investor in all cam. perhaps one of the mobileye's
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cofounders leveraging that relationship. elliott gotkine, bloomberg news, tel aviv. cory: turning back to a story we are monitoring, apple said to be in exploratory talks to acquire tidal, the music streaming service, according to an unnamed "the wall street journal" source. for more, let's turn to our bloomberg news reporter. tidal, which i had this week so i could see the kanye west video -- reporter: it is those sort of a good names which were -- cory: rihanna has exclusive stuff with him. i want that stuff on i have to wait otherwise. tidal based at 4.6 million
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users, less than 1/3 of what apple has. it's way less than what spotify has got. tidal has these relationships with high-profile artists. apple missed out on getting the kanye album exclusively. you look at beyonce and lemonade and all those other massive names, that is what apple would be buying. -- they hadtried the exclusive to the new drake album, which is terrific. reporter: i will trust your taste. may be a foolish decision. the other day "rolling stone" had an interview with a couple of top guys in apple music heard they played -- they paid for the "top line bilng" album -- "topline bling" album. any: this should be
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advantage prayed this guy has had a history of establishing strong relationships with artists going back 4 decades. maybe they've got that in with jay-z as well. alex: it's a bit of a blow and it shows the extent to his reach. there are a bunch of others he has not been able to bring on board. cory: are we looking at a world where apple is seeking to keep music relevant? once it was their strong suit. now if music can still be a big thing for them. alex: people talk about music as a service, music is typed into your home -- piped into your home the same weight of water is. the things that attract new users are the big-ticket names, the huge megastars of the world. apple has got to make sure it is trying to reach that ball.
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they are trying to bring on these big-ticket names to attract the new users. cory: what an amazing time we live in, where content creators, whether drake or beyonce or the netflix and powered filmmakers and actors are the beneficiaries of all of this technology. alex: it is partially an admission of how the emphasis of music has changed. the initial pitch for it was like, we are going to allow the kid in their bedroom allowing his own demo to put stuff direct the out to apple music. that is not at all the case. to grow this product, they need to turn to the megastars. cory: it's not garageband, it straight. alex: -- it's drake. alex: yes, and drake's garage is more expensive cars. cory: coming up, would you trust a robot with your retirement? what about your lawsuit? ♪
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cory: j.p. morgan chase wrapping up a spin tech entrance. a six-month program called in residence, get access to funding and networks as well as jpmorgan facilities, systems, and presumably expertise. there is something the guys did not predict, robot divorce lawyers. other rhythms guide couples through a series of questions to find points of agreement, proposed solutions. similar systems have rolled out in england and canada. the veteran ceo is a pioneer in another industry that has an automated, the world of investing. he's one of the leading robo advisors, trying to beat the market with lower fees. great to have you on. you guys have seen terrific growth in investment.
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still leading the world over wealthfront and others. on you haveomes this big competition coming in from the likes of schwab and vanguard. it's been tremendously validating to see the quick adoption and fast growers from the traditional industry. we always said from the moment we launched in 2010, if we were successful in building the future of financial services, we were going to have lots of competition because everybody is going to have to do this if they are going to want to compete. we think everything is changing, the way everyone managed their money. of course all these big companies are getting into it and it is validating that they are. as they enter this space, we seem to grow faster. after schwab latched -- we grew 30% faster. helping to educate the market about what we are doing is helping us to grow faster. we have grown 300% in the last
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year alone. cory: the question has been how you guys deal with a down market. there is a report in "the wall street journal" that said you guys shut down trading for a couple of hours during the financial turmoil post-brexit. tell us what happened. >> i love this story. because robo-advisors are hot and because brexit is a big story, people are talking about this. intelligentlyade for our customers. every day we weighted the market open and hesitated the market closed so we could get good execution for our customers. we are always not trading about 60 minutes a day. because of the chance for something like the flash crash we saw and protected our customers against last august, we turned up trading for about 160 minutes. it was really good for our customers that we did that and it's great now that the media is surfacing that this service we
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have been providing to our customers all along. cory: so you have always not traded for 60 minutes at the close or the open? >> that's right great if you ask anyone about how to trade etf, experts always say those are dangerous times to trade. we have our in-house experts we are always consulting and optimizing the way betrayed. benefit. unique other robo advisors don't do this, didn't do this, and we protect you better. cory: trading well is great when it works. beding in those hours can profitable, that's why most of the trading happens in those 2 hours. >> our investors are not trying to actively turn the market great we are not e-trade. we are not the place you go to get market time. our customers are long-term investors are it they want to buy, hold, invest in major goals of the future. this is the way that the vast majority of americans want to
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trade. they don't want to have to worry about getting murdered in a flash crash, which is what happened to a lot of people on august 24 when they traded at the open. it's interesting thinking about what happens and the argument that you guys are attracting maybe younger investors with less money, but when schwab and vanguard open up their robo advisors, all they are doing is shifting from a higher fee environment to a lower fee environment, effectively lowering the -- of those companies. date of the same way you are describing. it seems incumbents are effectively shifting some of their clients to different forms of charging lower fees. we've always said this is a product for everyone. there is a misconception out there that maybe most of our 2/3omers or millenials -- of our assets come from customers who are older than age 35, something like 30% of our
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assets come from people who are 50+. we have built products like retireguide and retirement income and continue to invest in products are younger and older younger and or older customers. average account is $28,000 and we have 4.80 in dollars total assets -- $4.8 billion total assets under management. thank you very much. that does it for this edition of "bloomberg west." ♪
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♪ >> from our studios in new york city, this is "charlie rose." charlie: we begin this evening with the terrorists attack in turkey, three suicide bomber is injured over 40 people and injured -- killed over 40 people and injured over 1200 people -- 200 people. the prime minister ahmet davutoglu said that isis was responsible. >> these three people captured just before one of the blasts tour through the main airport. and one attacker is captured in these shaky images ce

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